The world we live in is led by consumerism. Be it necessities of life – food, shelter, clothing – or materialistic pleasures, consuming things, products and services has influenced human behaviour and driven the global economy for years, making the retail industry one of the most sought-after places to be. The global retail market is expected to grow at a CAGR of 7.7% from 2020 ($20,331.1 billion) to reach $29,446.2 billion in 2025, and $39,933.3 billion in 2030, at a CAGR of 6.3%.
What drives this industry is the constant need to create more options and fulfil human desires. Yet, despite the size and share of the retail industry, it suffers due to the lack of technological advances, problems like recession, and a dearth of skilled labour.